Before talking about what is Brand Management. Let’s understand what does a brand mean first.
A brand is an identifying symbol, mark, logo, name, word and/or sentence that various companies use. They do so to distinguish their product from others. A combination of those elements are utilized to create a brand identity. Legal protection given to it is called a trademark.
It’s said that every brand has its own story of how it has evolved into what it is today. Let us see the journey here in the picture.
“YOUR BRAND IS THE SINGLE MOST IMPORTANT INVESTMENT YOU CAN MAKE IN YOUR BUSINESS”By Steve Forbes
Brand management its the process of managing your brand reputation . It also improves your audience’s view point of your brand. We do it in a way that builds brand awareness, equity, and loyalty.
Branding is the process of building one’s brand. Brand management is the process of monitoring and maintaining the brand.
Brand management includes the tangible and intangible characteristics of brand.
In product brands, the tangibles include the product itself, price and packaging. While in service brands, the tangibles include the customers experience.
The intangibles include the emotional connections with the product or service.
It is how familiar the public and the target audience is with your brand. Consumers can’t engage or buy products or services from your brand if they’re not aware of it. To solve this issue brand awareness is important.
It is how consumers value your brand on their experiences, perceptions and associations. Importance of brand equality is that a valuable brand can support higher prices. It can also increase your merit among investors, shareholders and potential buyers.
It refers to how your customers and followers engage with and buy from your brand. We can increase our customers by focusing on satisfaction and relationship. Its importance is high as it creates brand ambassadors who do the marketing for you.
It is how well a consumer, can recognize your brand through our logo, tagline and packaging. He does so even without seeing the brand name. By recognizing and recalling your brand, consumers keep your brand top-of-mind. They are also more likely to choose your brand above the competition. This is why brand recognition is very valuable.
Brand Reputation refers to how the audience perceive the character, status, and quality of your brand. It is very important because it can be some customers first impression of your brand. Many factors can influence the reputation.In Internal factors (customer service, product quality, etc.). While in external factors (customer reviews, news mentions, etc.).
When done successfully, brand management can:
Brand management is important for the success of every organization. We also know that strong and successful brands are not built by marketing alone. For that reason it requires every employee to play a role. Above all we have the same goal i.e. to build a brand that is different, unique and also profitable.